AUSTRAC

Financial planning

APRA gives ASIC enforcement powers for Westpac investigation

The Australian Securities and Investments Commission will be allowed to apply to the courts for fines and disqualification of individuals in relation to AUSTRAC’s proceed...

Policy & Regulation

Westpac exits staff and cuts salaries of AUSTRAC failures

Westpac has confirmed the career and salary consequences that has flowed from its AUSTRAC scandal....

Superannuation

Early release fraud – members will pay

Superannuation funds may not have been responsible for the $150,000 early release fraud being investigated by the Australian Federal Policy but their members will ultimat...

Funds management

Westpac's major provisioning increase

Faced with COVID-19 factors, Westpac has announced new and increased provisioning and asset write-downs totalling around $1.4 billion....

Superannuation

ATO alone wholly responsible for identifying super early release applicants

Amid concerns about appropriately identifying superannuation fund members for hardship early release, the Government has said that the Australian Taxation Office alone wi...

Policy & Regulation

Westpac in AUSTRAC class action

Westpac has been served with a class action by Johnson Winter and Slattery related to market disclosure issues connected to AUSTRAC proceedings....

Financial planning

Westpac served with class action

The class action by shareholders relates to market disclosure issues that are subject of the AUSTRAC money-laundering scandal....

Financial planning

APRA launches Westpac investigation

The authority has increased the bank’s capital requirement to $1 billion and will focus on directors and senior managers that breached the Banking Act in relation to the ...

Financial planning

Westpac pledges three streamed approach to rectifying AUSTRAC scandal

The bank’s chief executive told its annual general meeting that it would recruit 200 people in compliance and financial crime areas....

Policy & Regulation

How investors exited Westpac share plan

Westpac’s AUSTRAC issues saw 3,390 people exit its latest share purchase plan at a cost of $68 million....

Funds management

Has the Austrac scandal affected funds with high Westpac allocations?

In the wake of its money-laundering scandal, most funds that had a high allocation towards the bank managed to recover losses indicating the resilience of big banks....

Financial planning

Westpac offers SPP withdrawal option

Westpac has announced it will provide a share purchase plan withdrawal option for SPP applicants who applied for the plan prior to the AUSTRAC announcement made earlier t...

Policy & Regulation

Bonuses withheld at Westpac

Westpac has withheld the bonuses of its most senior executives and some of its general management until it determines who should be held accountable for its alleged AUSTR...

Financial planning

Westpac’s rating unaffected by money laundering proceedings

Fitch Ratings has said that the AUSTRAC proceedings brought against Westpac were credit negative, but will not have an immediate impact on its ratings....

Policy & Regulation

ATO cracks down on cryptocurrency investors

The Australian Taxation Office (ATO) is undergoing a data matching service to ensure an estimated one million people investing in cryptocurrency are paying the right amou...